Proxy bidding is the bidding system used in many real life bidding sites. It is often called the most fair bidding system, if you are unfamiliar here is a good video explaining it: https://www.youtube.com/watch?v=0Jk0vLRFogo

This would eliminate:
Bidders having a bid war on very short for hours
Sellers item's getting "sniped" at odd hours, for an unfair price
Time zones and auction house timing would not matter as much, evening the playing field for those who are not in EST timezone.

I believe that this bidding system will reduce player frustration and modernize the experience.